updated 11/16/2008 5:45:47 PM ET 2008-11-16T22:45:47

JPMorgan Chase & Co. likely will cut thousands more jobs worldwide beginning next year, Britain's Sunday Telegraph newspaper reported.

The report, which cited people close to JPMorgan, said the bank has begun consulting on further job cuts. The losses could be on a comparable scale to those of JPMorgan's rivals, Citigroup and Goldman Sachs, which have cut about 10 percent of their work forces. If that proportion is applied to JPMorgan, it would mean more than 3,000 jobs, the Telegraph reported.

A JPMorgan Chase spokesman declined to comment on the report.

The bank already has eliminated jobs as its profits have shrunk due to the financial crisis. It also trimmed workers after it bought failed thrift bank Washington Mutual Inc. and investment bank Bear Stearns Cos.

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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